Investing
S&P says El Salvador’s debt exchange constituted default
© Reuters.
(Reuters) – Ratings agency S&P on Tuesday said a pension debt exchange by El Salvador in April constituted a default event, but added that the new terms of the exchange also cured the default.
El Salvador conducted a pension debt exchange on April 28, offering private pension funds a mix of new certificates to replace some earlier sovereign financial obligations, according to S&P.
“In general, at such low ratings levels, we consider most exchanges as distressed and tantamount to a default,” S&P said.
However, after the debt exchange, El Salvador will have fiscal relief of around $500 million annually over the next four years, according to S&P.
The ratings agency said it lowered El Salvador’s sovereign credit ratings to selective default from ‘CCC+/C,’ on Tuesday, but will most likely raise it back to ‘CCC+/C,’ on May 10, since the new terms of the debt exchange cured the default.
Read the full article here
-
Side Hustles6 days ago
How to Develop Empowered Leaders Within Your Own Team
-
Passive Income5 days ago
Are You Running Your Business, or Is Your Business Running You?
-
Side Hustles4 days ago
How to Be Unapologetically You and Why It Matters
-
Investing5 days ago
7 Marketing Strategies to Help Your Startup Grow and Scale
-
Side Hustles5 days ago
How Your Body Language Can Help Win a Disagreement
-
Side Hustles5 days ago
OpenAI Raises Record $6.6 Billion, Adds 50 Million New Users
-
Side Hustles6 days ago
Why the Best Time to Sell Your Business Is When You Least Expect It
-
Make Money5 days ago
FlexJobs Report: Here’s How Workers View AI and Job Stability